Electric Heat Tracing
Electric Heat Tracing Market by Component (Control and Monitoring Systems, Electric Heat Tracing Cables, Power Connection Kits), Type (Constant Wattage, Mineral-Insulated, Self-Regulating), Temperature, Application, Vertical - Global Forecast 2024-2030
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[192 Pages Report] The Electric Heat Tracing Market size was estimated at USD 2.93 billion in 2023 and expected to reach USD 3.19 billion in 2024, at a CAGR 9.08% to reach USD 5.40 billion by 2030.

The electric heat tracing market encompasses the design, production, and implementation of electric heat tracing systems. These systems are critical for temperature maintenance and freeze protection in pipes, vessels, tanks, and process equipment. Heat tracing systems typically involve heating cables or elements that are applied to surfaces or integrated within them to maintain required temperatures in various applications. Applications of electric heat tracing include process temperature maintenance, pipe freeze protection, snow melting on roofs and pavements, and soil heating. Major factors influencing the growth of the electric heat tracing market include advancing technology, increasing adherence to stringent safety standards, and growing necessity for energy-efficient systems. The demand for maintaining process temperatures in harsh weather conditions and the need to prevent freezing in industrial processes are significant factors contributing to the expansion of this market. Advancements in self-regulating cables and the incorporation of Internet of Things (IoT) technology for remote system management showcase the market's trend toward increased efficiency and reliability. Additionally, expansion in infrastructure and industrial activities in developing economies is presenting new growth avenues. High initial installation costs of heat tracing systems and the need for skilled personnel to ensure correct installation and operation are significant challenges in the market. Additionally, the potential for energy consumption and associated costs present economic challenges, while regulatory and environmental standards demand adherence to strict guidelines. The balance between maintaining operational efficiency and cost-effectiveness is a constant challenge for market players. Research in automation and AI for predictive maintenance can significantly reduce downtime and increase system reliability. Exploring renewable energy integration for heat tracing solutions can position businesses at the forefront of sustainable industrial practices.

Regional Insights

In the Americas, strict safety regulations and advancements in automated solutions that offer energy efficiency drive the market. Investment in R&D is strong, with noteworthy progress in self-regulating and skin-effect tracing technologies. EMEA reflects a balance of economic and regulatory demands, with the EU prioritizing energy efficiency and the Middle East and Africa focusing on industry requirements and reliable system performance. The Asia Pacific market, majorly influenced by industrial growth and energy efficiency initiatives, is heading towards innovative solutions with China, Japan, and India showing significant market activity and investments. Manufacturers in the EHT market are constantly adapting to a stringent regulatory landscape, focusing on energy efficiency, environmental impacts, and safety standards. To ensure compliance and maintain performance, strategic efforts include adopting advanced technologies and partnerships to integrate EHT systems effectively. In developed countries, future challenges revolve around sustainable innovation and competition from low-cost providers, while opportunities in emerging markets stem from industrialization and infrastructure development.

Electric Heat Tracing Market
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Market Dynamics

The market dynamics represent an ever-changing landscape of the Electric Heat Tracing Market by providing actionable insights into factors, including supply and demand levels. Accounting for these factors helps design strategies, make investments, and formulate developments to capitalize on future opportunities. In addition, these factors assist in avoiding potential pitfalls related to political, geographical, technical, social, and economic conditions, highlighting consumer behaviors and influencing manufacturing costs and purchasing decisions.

  • Market Drivers
    • Surging Demand from the Industrial, Commercial and Residential Applications
    • Increasing Adoption of Electric Heat Tracing Systems Over Conventional Steam Tracing
    • Rising Investment in the Development of Oil & Gas Pipeline Infrastructure
  • Market Restraints
    • Thermal Inconsistencies in Electric Heat Tracing Systems
  • Market Opportunities
    • Rising Adoption of Heat Tracing System in Power Plants and Pharmaceutical & Chemical Industry
    • Growing Advancements in Electric Heat Tracing Cables
  • Market Challenges
    • Installation Hazards Leading to Failure in Functioning and Shock & Fire
Market Segmentation Analysis
  • Component: Higher demand of control and monitoring systems provide real-time data and safe performance of the heat tracing setup

    Integral to electric heat tracing solutions, control and monitoring systems ensure that heat is applied in the correct locations, at the appropriate times, and at the desired intensity. These systems provide real-time data and analysis on the performance of the heat tracing setup, making sure that the process is both efficient and safe. Resistance temperature detectors (RTDs) are precise temperature sensors used in electric heat tracing to measure temperatures with high accuracy. These are typically made from platinum and are known for their stability and repeatability over time, which makes them an essential component for maintaining and monitoring desired temperatures in heat tracing applications. Thermocouples consist of two different metals joined together at one end, which produce a small voltage when there is a difference in temperature between the connected end and the other ends. These are widely used in industrial contexts where fast response time and wide temperature ranges are necessary, including various types of electric heat tracing systems. Thermostats act as temperature-regulated switches within electric heat tracing systems. At the core of any heat tracing system are the electric heat tracing cables, which provide the necessary warmth to prevent freezing or maintain a specific temperature range. These cables come in self-regulating, constant wattage, and mineral-insulated varieties, each suited for different conditions and requirements. Self-regulating cables can adjust their power output in response to temperature changes, while constant wattage cables supply a consistent heat output. Power connection kits are essential for the safe and reliable operation of electric heat tracing systems. These kits include components for connecting tracing cables to the power supply and may consist of terminal blocks, end seals, and power entry kits. Proper installation of these kits is vital to ensure the system’s integrity and to avoid accidents or failures due to moisture ingress or electrical faults. Thermal insulation materials are used in conjunction with heat tracing cables to ensure that the heat generated is retained effectively, significantly improving energy efficiency. Insulation reduces heat loss to the environment, which means that lower heat outputs are required from the cables to maintain the desired temperature, resulting in reduced operational costs. The type of insulation used depends on the operating temperature range and environmental conditions of the application.

  • Type: Self regulating heat tracing systems are preferred for their energy-efficient output

    Constant wattage heat tracing systems maintain a consistent power output along the entire length of the heating cable. They are typically used in applications where constant temperature maintenance is critical, and the ambient temperatures may vary significantly. This type of heat tracing can provide higher temperatures and has a simpler design but may be less energy-efficient than other types due to the constant energy consumption. Mineral-insulated or MI heat tracing utilizes cables that have conductive wire cores encapsulated by a solid metal sheath and packed with magnesium oxide insulation. MI cables can withstand very high temperatures and are mechanically robust, which makes them suitable for harsh environments. Their high power output and durability make them ideal for use in industrial applications requiring high-temperature maintenance or rapid thermal response. Self-regulating heat tracing cables automatically adjust their power output in response to the surrounding temperature. These cables are more energy-efficient, since they reduce power consumption as the temperature rises. Self-regulating cables are commonly used in processes that require varied temperature control and prevention of overheating. Skin effect heat tracing systems utilize the skin effect principle to generate heat. Skin effect heat tracing systems are typically used for long-distance, large-diameter pipelines in the oil and gas industry.

  • Temperature: Self-regulating heat tracing cables works efficiently during varied temperatures conditions

    Electric Heat Tracing applications that fall within the moderate temperature range of 101°C to 250°C typically require electric heat tracing systems that provide a balance between performance and temperature management. Industries such as chemical processing, oil and gas, and food and beverage might implement heat tracing to maintain process temperatures, prevent thermal degradation, or ensure viscosity control. Diverse electric heat tracing solutions are available for this range, including self-regulating and power-limiting technologies, to deliver reliable and consistent heat output tailored to the specific requirements of these applications. Additionally, high-temperature applications requiring heat tracing above 250°C demand systems engineered to withstand extreme conditions while maintaining safety and efficiency. Such temperatures are characteristic of operations in the petrochemical sector, heavy industrial processing, and applications involving high-temperature fluids. Heat tracing technologies such as mineral insulated cables or specialist high-temperature self-regulating cables are employed to handle these rigorous demands, ensuring system longevity and effectiveness in the preservation of process temperatures. Furthermore, electric heat tracing for applications involving temperatures up to 100°C caters to a broad spectrum of requirements, from freeze protection in residential and commercial settings to process temperature maintenance in industries such as pharmaceuticals, water treatment, and renewable energy.

  • Application: Rising application of heat tracing in the roof and gutter de-icing

    Electric heat tracing systems provide a controlled and uniform heating solution for floor surfaces, ensuring comfort and warmth in commercial and residential buildings. By installing electric heating cables beneath the floor surface, the system distributes heat evenly, preventing cold spots and providing a consistent temperature throughout the space. This application is particularly beneficial in environments with colder climates or in spaces where additional warmth is desired, such as bathrooms, kitchens, and living areas. The heating elements are meticulously designed to be energy-efficient, compatible with a variety of flooring materials, and are often embedded within the subfloor or laid beneath the finished floor covering. Electric heat tracing is also employed in roof and gutter de-icing to prevent the buildup of ice dams, icicles, and the resultant damage they can cause to roofing structures and gutters. The system operates by maintaining a path for meltwater to flow away from the roof and through the gutters and downspouts, even in freezing temperatures. Strategic installation of heat tracing cables along the edges of roofs, within gutters, and downspouts ensures the continuous and effective prevention of ice accumulation, safeguarding the integrity of the roof and preventing the potential for water damage within the building. This application is critical for maintaining the safety and longevity of roofing structures in regions susceptible to harsh winter conditions.

  • Verticals: High demand of heat tracing systems from the well established oil and gas sectors

    In the commercial sector, electric heat tracing systems are employed to maintain operational efficiency of hot water lines, protect pipes from freezing, and ensure comfort heating solutions within large building complexes. For the food and beverages industry, maintaining critical temperatures is essential during production, storage, and distribution to preserve product consistency and integrity. Electric heat tracing enables precise temperature control to meet these stringent requirements. The oil and gas industry leverages electric heat tracing to prevent the solidification of hydrocarbons within pipelines, tanks, and vessels. It is an essential component to ensure the fluidity of materials and operational safety in harsh environments. Highly sensitive to temperature variations, pharmaceutical products require electric heat tracing systems to maintain strict control during processing, storage, and transportation phases, safeguarding product efficacy and compliance with health regulations. In the power and energy sector, electric heat tracing is used to prevent freezing and maintain fluidity in fuel lines, as well as to maintain the optimal temperature for efficient operations and equipment protection in both renewable and non-renewable energy plants. Within the pulp and paper industry, electric heat tracing systems are integrated to prevent the condensation and freezing of chemicals and fluids used in the manufacturing process, which is essential for sustaining quality and production pace. Electric heat tracing in residential applications serves to protect water supply and drainage pipes from freezing, as well as to provide roof and gutter de-icing to prevent ice dam formation and subsequent water damage to property. The textile industry relies on electric heat tracing to maintain humidity and temperature control within drying processes and to manage the viscosities of chemicals and dyes, hence ensuring fabric quality and production consistency. Electric heat tracing systems in the transportation industry are critical for temperature maintenance within cargoes that transport temperature-sensitive goods. These systems are integral in reducing the risk of product degradation during transit. Effective management of water and wastewater treatment processes often requires electric heat tracing to prevent freezing in pipes, pumps, and valves, ensuring uninterrupted service and compliance with environmental regulations.

Market Disruption Analysis

The market disruption analysis delves into the core elements associated with market-influencing changes, including breakthrough technological advancements that introduce novel features, integration capabilities, regulatory shifts that could drive or restrain market growth, and the emergence of innovative market players challenging traditional paradigms. This analysis facilitates a competitive advantage by preparing players in the Electric Heat Tracing Market to pre-emptively adapt to these market-influencing changes, enhances risk management by early identification of threats, informs calculated investment decisions, and drives innovation toward areas with the highest demand in the Electric Heat Tracing Market.

Porter’s Five Forces Analysis

The porter's five forces analysis offers a simple and powerful tool for understanding, identifying, and analyzing the position, situation, and power of the businesses in the Electric Heat Tracing Market. This model is helpful for companies to understand the strength of their current competitive position and the position they are considering repositioning into. With a clear understanding of where power lies, businesses can take advantage of a situation of strength, improve weaknesses, and avoid taking wrong steps. The tool identifies whether new products, services, or companies have the potential to be profitable. In addition, it can be very informative when used to understand the balance of power in exceptional use cases.

Value Chain & Critical Path Analysis

The value chain of the Electric Heat Tracing Market encompasses all intermediate value addition activities, including raw materials used, product inception, and final delivery, aiding in identifying competitive advantages and improvement areas. Critical path analysis of the <> market identifies task sequences crucial for timely project completion, aiding resource allocation and bottleneck identification. Value chain and critical path analysis methods optimize efficiency, improve quality, enhance competitiveness, and increase profitability. Value chain analysis targets production inefficiencies, and critical path analysis ensures project timeliness. These analyses facilitate businesses in making informed decisions, responding to market demands swiftly, and achieving sustainable growth by optimizing operations and maximizing resource utilization.

Pricing Analysis

The pricing analysis comprehensively evaluates how a product or service is priced within the Electric Heat Tracing Market. This evaluation encompasses various factors that impact the price of a product, including production costs, competition, demand, customer value perception, and changing margins. An essential aspect of this analysis is understanding price elasticity, which measures how sensitive the market for a product is to its price change. It provides insight into competitive pricing strategies, enabling businesses to position their products advantageously in the Electric Heat Tracing Market.

Technology Analysis

The technology analysis involves evaluating the current and emerging technologies relevant to a specific industry or market. This analysis includes breakthrough trends across the value chain that directly define the future course of long-term profitability and overall advancement in the Electric Heat Tracing Market.

Patent Analysis

The patent analysis involves evaluating patent filing trends, assessing patent ownership, analyzing the legal status and compliance, and collecting competitive intelligence from patents within the Electric Heat Tracing Market and its parent industry. Analyzing the ownership of patents, assessing their legal status, and interpreting the patents to gather insights into competitors' technology strategies assist businesses in strategizing and optimizing product positioning and investment decisions.

Trade Analysis

The trade analysis of the Electric Heat Tracing Market explores the complex interplay of import and export activities, emphasizing the critical role played by key trading nations. This analysis identifies geographical discrepancies in trade flows, offering a deep insight into regional disparities to identify geographic areas suitable for market expansion. A detailed analysis of the regulatory landscape focuses on tariffs, taxes, and customs procedures that significantly determine international trade flows. This analysis is crucial for understanding the overarching legal framework that businesses must navigate.

Regulatory Framework Analysis

The regulatory framework analysis for the Electric Heat Tracing Market is essential for ensuring legal compliance, managing risks, shaping business strategies, fostering innovation, protecting consumers, accessing markets, maintaining reputation, and managing stakeholder relations. Regulatory frameworks shape business strategies and expansion initiatives, guiding informed decision-making processes. Furthermore, this analysis uncovers avenues for innovation within existing regulations or by advocating for regulatory changes to foster innovation.

FPNV Positioning Matrix

The FPNV positioning matrix is essential in evaluating the market positioning of the vendors in the Electric Heat Tracing Market. This matrix offers a comprehensive assessment of vendors, examining critical metrics related to business strategy and product satisfaction. This in-depth assessment empowers users to make well-informed decisions aligned with their requirements. Based on the evaluation, the vendors are then categorized into four distinct quadrants representing varying levels of success, namely Forefront (F), Pathfinder (P), Niche (N), or Vital (V).

Market Share Analysis

The market share analysis is a comprehensive tool that provides an insightful and in-depth assessment of the current state of vendors in the Electric Heat Tracing Market. By meticulously comparing and analyzing vendor contributions, companies are offered a greater understanding of their performance and the challenges they face when competing for market share. These contributions include overall revenue, customer base, and other vital metrics. Additionally, this analysis provides valuable insights into the competitive nature of the sector, including factors such as accumulation, fragmentation dominance, and amalgamation traits observed over the base year period studied. With these illustrative details, vendors can make more informed decisions and devise effective strategies to gain a competitive edge in the market.

Recent Developments
  • Thermon Acquires Vapor Power

    Thermon Group Holdings, Inc., acquired by Vapor Power International, a renowned manufacturer specialized in both electric and gas-fired boiler solutions. The acquisition aims to enhance Thermon's portfolio of sustainable offerings to its extensive global customer base, positioning the company at the forefront of aiding the shift towards cleaner energy in a variety of industries worldwide, with Vapor Power's adept team augmenting this transformative venture. [Published On: 2024-01-02]

  • NIBE acquires Danish LS Control A/S

    Danish LS Control A/S acquired by the NIBE Industrier is a strategic enhancement of their control and regulation product suite, promising unique, best-in-class offerings that will increase the group's value-added proposition. The acquisition positions NIBE Element to offer comprehensive system solutions, reinforcing NIBE's standing in the heat tracing industry while promising continuity and innovation in LS Control’s product offerings. [Published On: 2023-11-17]

  • Freudenberg Launches Sustainable, Low-Level BPA Thermal Insulation Products

    Freudenberg Performance Materials Apparel announced the expansion of its comfortemp thermal insulation line with two groundbreaking products including DOWN FEEL WA 150LB and FIBERBALL WB 400LB. These innovative insulation solutions, crafted from eco-friendly low-level Bisphenol A (BPA) recycled PET fibers (rPET), are set to redefine sustainable comfort in apparel. DOWN FEEL WA 150LB delivers an ethereal warmth akin to down but in an ultra-light, lofted fiber form, optimizing thermal efficiency without the bulk. Concurrently, FIBERBALL WB 400LB presents an unbeatable synergy of plush warmth and breathability, with its extra-fine fiber clusters engineered to resist clumping, even post laundry. [Published On: 2023-10-26]

Strategy Analysis & Recommendation

The strategic analysis is essential for organizations seeking a solid foothold in the global marketplace. Companies are better positioned to make informed decisions that align with their long-term aspirations by thoroughly evaluating their current standing in the Electric Heat Tracing Market. This critical assessment involves a thorough analysis of the organization’s resources, capabilities, and overall performance to identify its core strengths and areas for improvement.

Key Company Profiles

The report delves into recent significant developments in the Electric Heat Tracing Market, highlighting leading vendors and their innovative profiles. These include BARTEC GmbH, Chromalox, Inc., Danfoss A/S, Drexan Energy Systems, Inc., Drexma Industries Inc., Ebeco AB, eltherm GmbH, Emerson Electric Co., Galco Industrial Electronics, Glas-Col, LLC, Heat Trace Products, LLC, Ives Equipment, Inc., King Electric Company, Nexans S.A., NIBE Industrier AB, nVent Electric PLC, Parker Hannifin Corporation, Spirax-Sarco Engineering PLC, SST Group, Thermon Group Holdings, Inc., Urecon Ltd. by GF Piping Systems, Warmup PLC, Watlow Electric Manufacturing Company, Wuhu Jiahong New Materials Co., Ltd., and XAREX by E&STEC Co., Ltd..

Electric Heat Tracing Market - Global Forecast 2024-2030
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Market Segmentation & Coverage

This research report categorizes the Electric Heat Tracing Market to forecast the revenues and analyze trends in each of the following sub-markets:

  • Component
    • Control and Monitoring Systems
      • Resistance Temperature Detectors
      • Thermocouples
      • Thermostats
    • Electric Heat Tracing Cables
    • Power Connection Kits
    • Thermal Insulation Materials
  • Type
    • Constant Wattage
    • Mineral-Insulated
    • Self-Regulating
    • Skin Effect
  • Temperature
    • 101°C to 250°C
    • Above 250°C
    • Up to 100°C
  • Application
    • Floor Heating
    • Roof & Gutter De-Icing
  • Vertical
    • Chemicals
    • Commercial
    • Food & Beverages
    • Oil & Gas
    • Pharmaceuticals
    • Power & Energy
    • Pulp & Paper
    • Residential
    • Textile
    • Transportation
    • Water & Wastewater Management

  • Region
    • Americas
      • Argentina
      • Brazil
      • Canada
      • Mexico
      • United States
        • California
        • Florida
        • Illinois
        • New York
        • Ohio
        • Pennsylvania
        • Texas
    • Asia-Pacific
      • Australia
      • China
      • India
      • Indonesia
      • Japan
      • Malaysia
      • Philippines
      • Singapore
      • South Korea
      • Taiwan
      • Thailand
      • Vietnam
    • Europe, Middle East & Africa
      • Denmark
      • Egypt
      • Finland
      • France
      • Germany
      • Israel
      • Italy
      • Netherlands
      • Nigeria
      • Norway
      • Poland
      • Qatar
      • Russia
      • Saudi Arabia
      • South Africa
      • Spain
      • Sweden
      • Switzerland
      • Turkey
      • United Arab Emirates
      • United Kingdom

This research report offers invaluable insights into various crucial aspects of the Electric Heat Tracing Market:

  1. Market Penetration: This section thoroughly overviews the current market landscape, incorporating detailed data from key industry players.
  2. Market Development: The report examines potential growth prospects in emerging markets and assesses expansion opportunities in mature segments.
  3. Market Diversification: This includes detailed information on recent product launches, untapped geographic regions, recent industry developments, and strategic investments.
  4. Competitive Assessment & Intelligence: An in-depth analysis of the competitive landscape is conducted, covering market share, strategic approaches, product range, certifications, regulatory approvals, patent analysis, technology developments, and advancements in the manufacturing capabilities of leading market players.
  5. Product Development & Innovation: This section offers insights into upcoming technologies, research and development efforts, and notable advancements in product innovation.

Additionally, the report addresses key questions to assist stakeholders in making informed decisions:

  1. What is the current market size and projected growth?
  2. Which products, segments, applications, and regions offer promising investment opportunities?
  3. What are the prevailing technology trends and regulatory frameworks?
  4. What is the market share and positioning of the leading vendors?
  5. What revenue sources and strategic opportunities do vendors in the market consider when deciding to enter or exit?

Table of Contents
  1. Preface
  2. Research Methodology
  3. Executive Summary
  4. Market Overview
  5. Market Insights
  6. Electric Heat Tracing Market, by Component
  7. Electric Heat Tracing Market, by Type
  8. Electric Heat Tracing Market, by Temperature
  9. Electric Heat Tracing Market, by Application
  10. Electric Heat Tracing Market, by Vertical
  11. Americas Electric Heat Tracing Market
  12. Asia-Pacific Electric Heat Tracing Market
  13. Europe, Middle East & Africa Electric Heat Tracing Market
  14. Competitive Landscape
  15. Competitive Portfolio
  16. List of Figures [Total: 26]
  17. List of Tables [Total: 574]
  18. List of Companies Mentioned [Total: 25]
A Complete Guide to Understanding Electric Heat Tracing Systems
December 25, 2023
BLOG
A Complete Guide to Understanding Electric Heat Tracing Systems
The use of electric heat tracing systems is rapidly increasing in industries with cold temperature processing, such as chemical plants and oil and gas refineries. These systems offer numerous advantages over conventional steam tracing, such as improved safety and efficiency. In this blog post, we will dive into what electric heat tracing is, how it works, and why it's being adopted more frequently.

Electric heat tracing systems are designed to maintain the temperature of pipes and vessels, preventing them from freezing and ensuring smooth operations. They use heating cables made of resistance wire or self-regulating materials that are wrapped around the pipes or vessels. These cables are powered by an electrical source and controlled by a thermostat to keep the temperature at a desired level. One of the primary benefits of electric heat tracing is its precise temperature control, which increases energy efficiency and reduces the risk of overheating.

One of the main reasons for the increasing adoption of electric heat tracing systems is their safety. Unlike steam tracing, electric heat tracing does not require a separate power source, reducing the risk of steam leaks and related safety hazards. Furthermore, electric systems can be easily installed in hazardous environments without posing a threat to workers. This makes them ideal for processing environments in which worker safety is paramount.

Another significant advantage of electric heat tracing is its flexibility. Whereas steam tracing is limited to straight lines that are easy to access, electric systems can be installed on pipes and vessels of various shapes and sizes, including those that are hard to reach. They can also be installed on system components that are not accessible through conventional tracing methods, such as pumps and valves.

Electric heating systems also offer advantages over traditional steam tracing in terms of maintenance and repair. Electric systems don't require the constant monitoring and maintenance that steam systems do. If a cable or component fails, it can be replaced easily without disrupting the entire operation. Additionally, electric systems can be controlled remotely, which minimizes the need for on-site repairs.

The advantages of electric heat tracing systems are driving the increasing adoption of these systems in industries. The safety, flexibility, and ease of maintenance of these systems offer clear benefits compared to traditional steam tracing, resulting in improved productivity and reduced costs. As the industry continues to evolve, electric heating systems will likely become even more prevalent, and more advanced solutions will further improve efficiency and performance.

Frequently Asked Questions
  1. How big is the Electric Heat Tracing Market?
    Ans. The Global Electric Heat Tracing Market size was estimated at USD 2.93 billion in 2023 and expected to reach USD 3.19 billion in 2024.
  2. What is the Electric Heat Tracing Market growth?
    Ans. The Global Electric Heat Tracing Market to grow USD 5.40 billion by 2030, at a CAGR of 9.08%
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